More underwriter mumbo jumbo.......

[Caterina Platt]

Actually Paul, it shows that the market appeal is lesser than the site built. The manufactured would be choice #2 if no other site builts in the buyer's price range are available. The manufactured homes serve as an affordable alternative when site built is not an option. Buyers rarely consider MH an equal substitute, with many who think they are an acceptable option stating 'you get so much more living area for the same money'. While they will purchase one, it's only due to the perception that they are getting a larger home for the money. If you had a 1200SF site built and 1200SF MH for the same money, they'd probably choose the site built, assuming all other factors were equal.

 

[Ross (CO)]

Manufactured vs. site built often does pose those situations for determining and stating how market reflects buyers' perceptions and preferences of one over the other. I will always use all mfd's as comps whenever I can, and sometimes expanding the neighborhood to bring in another mfd. is what is needed. Always nice to have a similar living area total as possible, and then you get the subject of 1600sf and comps of 1200sf and 2000sf ! I would make a detailed look at listing history from the start of any comp and look for those cancelled or expired listings with a day or two off-market, and note that first list price compared to what was finally closed months after. All too often one might see long listing periods, sizeable drops in pricing over time, and what would appear as an earnest effort to assume one's (owner's view) mfd. had the appeal of a site-built until it got through the "marketing test" and reality set in. ...And, then one sees the site-built rancher a 1/2 mile away which contracted in 2 weeks, at 99% of list ! It seems prevalent in remote eastern parts of my county that miles from blacktop road and further commute to the "big city" has bearing on just how much value one will squeeze out of the property. Just how much dust or mud does someone want to traverse to go get that gallon of milk ?

 

[Larry Lyke]

Paul --

The way out of your dilemma is to copy the text of the information quoted by pkbarnhart and Jo Ann and iterate it back to the UW in an Addendum.

Then, for all future use, make a boilerplate blurb that covers exactly this point. That's today;s lesson, useful for all time.

Simplistic?

Yeah. It'd work for me. The wheel has been invented. Now I'm working on an axle to go with it!